Retirement

Retirement

Choosing A Retirement Plan

This information is intended to help employees understand both plans’ features; bolstering their ability to make a good choice. This is an important decision, for once you make your choice, it cannot be changed.

The Optional Retirement Program (ORP) is a flexible and portable retirement plan for faculty and senior administrators at the Commonwealth’s public institutions of higher education. It is a defined contribution plan. A defined contribution plan provides retirement income that, for the most part, is based on your personal account balance at the time of retirement. This income can be either fixed or variable. You are responsible for selecting investments for your account that are made available by your Provider. Plan contributions and the account’s investment growth are tax-deferred.